Can the target object of an Analytic Snapshot be the target object of a Process Builder flow?

NO

The documentation states that workflows aren’t allowed but is silent on Process Builder.

Target object must not be included in a workflow.
The custom object in the Target Object field is included in a workflow. Choose a target object that is not included in a workflow.

I was trying to set a RecordTypeId after each snapshot record was created using values in the SObject. The only way to do this (as triggers aren’t supported either) is via a scheduled Apex job